The Source Information Management Company Announces Another Record Financial Performance
BusinessWire, Thursday, September 03, 1998 at 09:26
ST. LOUIS and HIGH POINT, N.C.--(BUSINESS WIRE)--Sept. 3, 1998--The Source Information
Management Company (NASDAQ:SORC) today announced its seventh successive record
quarter for net income.
Net income for the second quarter ended July 31, 1998, was $790,786, a 137% increase
over second quarter of 1997 net income of $333,472.
This also represents a 9% sequential increase over the first quarter of 1998, which was
a strong quarter, reflecting extraordinary magazine sales due to publications dealing
with the death of Princess Diana.
The Company also announced today that it has entered into a contractual
relationship to provide retail display allowance services to Eckerd
Corporation. Eckerd operates over 2,500 stores.
Quarter Ended July 31, 1998 July 31, 1997
Revenues $3,580,588 $2,940,137
Net Income 790,786 333,472
Avg. Shares 9,238,183 5,890,443
Net Income - Basic .09 .04
- Diluted .09 .04
Six Months Ended
Revenues $7,175,790 $5,459,668
Net Income 1,517,415 589,598
Avg. Shares 8,865,692 5,857,698
Net Income - Basic .18 .08
- Diluted .17 .08
Condensed Summary Balance Sheet at July 31, 1998
Current Assets $23,637,000
Non-current Assets 6,660,489
Total Assets 30,297,490
Current Liabilities 5,723,762
Non-current Liabilities 2,496,599
Total Liabilities 8,220,361
The information contained in this press release may include statements
which are not historical facts (including statements regarding the plans, beliefs or
expectations of the Company) which are forward-looking statements.......
The Source Information Management Company is a leading provider
of periodical information and related marketing services to the majority of retail chains
in the grocery, convenience, mass merchandise, and pharmacy industries.
Their integrated software system is designed to efficiently and accurately
monitor sales of thousands of high volume consumer products primarily to optimize
and collect sales incentive payments offered by manufacturers.
CONTACT: The Source Information Management Company, St. Louis
W. Brian Rodgers, 314/995-9040